Deutsche analyst says, "Brands and market shares in most countries remain healthy with outsized developing markets growth more than making up for depressed category growth rates in developed ones. Combination of pricing and currency is likely to more than offset cost inflation and allow for higher strategic spending. With meaningful profit realization and signs that 4-6% organic growth can be sustained in the near-term, we are upgrading to a BUY on relatively depressed valuation levels and likely sector rotation into staples."

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